General

Question 1

The purpose of Virginia Real Estate Law is to……………

Answer 1

Protect the Public. Legislation is passed for the protection of the public.

Question 2

In the application for a broker’s license, actively engaged is defined as performing real estate activities for and average of ……

Answer 2

40 hours per week. This went into effect in January of 1999.

Question 3

A licensee who obtains a broker’s license but continues to work under the supervision of a principal broker is referred to as an …….

Answer 3

Associate Broker. Any person holding a broker’s license that is affiliated with a firm other than his/her own is referred to as an associate broker.

Question 4

The principal broker of a firm is a broker who is……….

Answer 4

Responsible for the activities of the firm and all its licensees. The owner does not have to hold higher a salesperson’s or broker’s license unless she is active/engaged in real estate practice.

Question 5

An individual associate broker who has been assigned to supervise the activities of a branch office is referred to as

Answer 5

A supervising Broker

Question 6

A licensee who acts for or represents a client in an agency relationship/agreement in Virginia is identified as a

Answer 6

Standard Agent

Question 7

The legal definition of real estate Virginia would not include a….

Answer 7

Recreational Vehicle

Question 8

The official name of the regulatory body responsible for administering the Virginia Real Estate Licensure Law is the

Answer 8

Real Estate Board.

Question 9

The Real Estate Board consist of

Answer 9

Seven licensed brokers or salespersons and two citeizens

Question 10

Members of the Real Estate Board are

Answer 10

Elected by state real estate board

Question 11

The Real Estate Board has the authority to do all of the following except

Answer 11

Establish commission rates

Question 12

A licensee may only have his real estate license revoked by the

Answer 12

Real Estate Board

Question 13

The real estate board is responsible for administering the Virginia

Answer 13

Fair Housing Act

Question 14

One of the responsibilities of the real Estate Board is to

Answer 14

Approve schools for teaching authorized courses for license exams

Question 15

Any person, firm partnership, association, corporation, limited liability company or sole proprietor that sells of offers to sell property in Virginia must be licensed in Virginia if they

Answer 15

Accept a fee, commission or other value consideration

Question 16

When a person is engaging in real estate brokerage with out a license, the Real Estate Board May

Answer 16

Issue a cease and desist order and impose a civil penalty not to exceed $1000.

Question 17

The common interest Community (CIC) Board is responsible for administering all of the following EXCEPT

Answer 17

The Residential Property disclosure Act

Question 18

All of the following requirements must be met by every person wishing to be licensed as a real estate sales person EXCEPT

Answer 18

The person must be at least 21 years old

Question 19

Although there are some electives allowed in courses that may be taken to quality for the Virginia Brokers license, everyone must take the course in real estate

Answer 19

brokerage.

Question 20

All of the following are eligible to apply for a sales person license as a business entity except

Answer 20

a limited liability company that is not authorized to do business in Virginia

Question 21

A person residing in North Carolina may obtain a Virginia real estate license by meeting all of the same requirements as a Virginia resident with an additional requirement to

Answer 21

file an irrevocable consent to suits and services

Question 22

In order to apply for concurrent licenses with two separate brokerage forms, the licensee must be

Answer 22

An Associate broker with approval of both brokers.

Question 23

A real estate licensee in West Virginia will be ranted a license by reciprocity in Virginia of he

Answer 23

takes and passes a written exam on Virginia license law prior to making application.